Over 57% lower year-on-year, the average value of the Commodity IQ Global LMO Battery Price Index for hydroxide-based cells is more than 30 points below the baseline. The Li-ion battery indexes will generally keep falling on stalled EV demand and speculative lithium buying by EV makers. However, procurement teams should acknowledge that price upswings like those of 2022 may again become prevalent as the Chinese economy continues to falter, high borrowing costs extend planned critical battery material capacity investments, and if consumer electronics demand ramps sharply.